How much money do you have in your savings accounts?

[CyberCubed]

I finally managed to save up $250,000 after years of trying. See attached image (obviously I just included a snip of the money, I didn't include my bank account number lol)

It's hard to save but I keep trying.

[IndigoErth]

What do you want, a cookie? Yeah, you prob have more in the bank than the average person. Grats? Now what? You just stare at a number? What's that get you.

You don't own a car or have any of those expenses, right? Yeah, I'm sure that partly helps. And pirating stuff? Also you're a renter I think? So maintenance isn't on you and no lawn/property care either. Are utilities included or is that part all out of your pocket? Pay any kind of property tax or similar? Local school tax?

[CyberCubed]

Nope I don't own a car, but I don't really need one in NYC.

[IMJ]

Originally Posted by CyberCubed

I finally managed to save up $250,000 after years of trying. See attached image (obviously I just included a snip of the money, I didn't include my bank account number lol)

It's hard to save but I keep trying.

Nice work! A quarter million simply from "saving" is very hard to do!

[MikeandRaph87]

Cubed, savings accounts at banks give .11 of 1% in interest. That is $275 earned for placing it in a savings account. Play it smart and put atleast 100k if not more in a financial firm in a yearly renewal which is grandfathered every year it's renewed. Currently the firm I am investing with is offering 4.7%. Think about the better investment opportunity by placing it in a guaranteed return. Sure, you have to keep the money there to earn the interest, but you are not going to need to drop such amounts. Go to a financial firm and see where rates are set at and if its rates will lower soon and compare around. There is always the stock market but it's no guarantee of a profit and the return could be higher or lower, but a financial firm's CoD comparison is your best option with that kind of money and putting it to smart use.

[Roseangelo]

Originally Posted by MikeandRaph87

Cubed, savings accounts at banks give .11 of 1% in interest. That is $275 earned for placing it in a savings account. Play it smart and put atleast 100k if not more in a financial firm in a yearly renewal which is grandfathered every year it's renewed. Currently the firm I am investing with is offering 4.7%. Think about the better investment opportunity by placing it in a guaranteed return. Sure, you have to keep the money there to earn the interest, but you are not going to need to drop such amounts. Go to a financial firm and see where rates are set at and if its rates will lower soon and compare around. There is always the stock market but it's no guarantee of a profit and the return could be higher or lower, but a financial firm's CoD comparison is your best option with that kind of money and putting it to smart use.

This isn't his first savings flex. He's been told repeatedly about various investment options, but he just wants it to sit in his little cash account. Just let him.

[triplexxx]

Boy, people comfortable enough to share their financial info publicly with the world, that is a wonder to be recognized.

[MikeandRaph87]

Originally Posted by Roseangelo

This isn't his first savings flex. He's been told repeatedly about various investment options, but he just wants it to sit in his little cash account. Just let him.

Originally Posted by triplexxx

Boy, people comfortable enough to share their financial info publicly with the world, that is a wonder to be recognized.

You are both right.

[Andrew NDB]

I seldom have more than between $5-$50 in my savings account. It goes up pretty quickly from the "Keep the Change" program but I always empty it out into my checking. I have a 401k and put a lot of money into stocks... a savings account really doesn't do anything for me.

[Cowabung-Gal]

How much money do I have in my savings account?

[IndigoErth]

Originally Posted by Andrew NDB

a savings account really doesn't do anything for me.

I remember when my grandparents gave my sister and I each $10k one Christmas. Put much of it in the savings and it actually had a nice little bit of interest. Now though it's pretty much useless. Wtf happened to that. 'Course that was back before Wells Fargo bought our previous bank...

I feel bad neglecting it, I've had that savings account since I was quite young, but there just isn't much motivation to bother transferring much over to it anymore.

Originally Posted by CyberCubed

It's hard to save but I keep trying.

Originally Posted by CyberCubed

Nope I don't own a car, but I don't really need one in NYC.

Exactly. If you were one of those New Yorkers that pack up and move down here (we seem to be getting many these days) you'd find out real fast that you need a car and all the expenses that come with it.

Point being... maybe you think it's hard to save, but many people also have other expenses that you don't. Esp the parents.

[rav4ge]

That's awesome. Big congrats! If you're in the US, you could probably buy a modest home in some states outright with that amount.

Like others have said, I don't use my standard savings account for much, so there's little to talk about.

But wow! This is inspiring

[robertfiduciary]

I don't follow much of the goings-on here, but aren't you the one who always brags about stealing / pirating movies and comics?

Not that big a flex if you're a con-artist / thief.

Your money will never buy you integrity. And when you pirate / bootleg stuff, you're essentially stealing from the creators of the work you consume.

So, no.

Impressive, yes.

But not that big of a flex at all.

[CyberCubed]

Originally Posted by Roseangelo

This isn't his first savings flex. He's been told repeatedly about various investment options, but he just wants it to sit in his little cash account. Just let him.

Karate classes are pretty expensive in California, aren't they?

[IMJ]

Savings rates on online accounts like Discover Savings are over 4% now, which is a better monthly return than quite a few blue-chip dividend paying stocks.

[rav4ge]

Originally Posted by IMJ

Savings rates on online accounts like Discover Savings are over 4% now, which is a better monthly return than quite a few blue-chip dividend paying stocks.

I don't know man. Tech has been going crazy since January:

- NVDA: 35% past month
- META: 14% past month
- MSFT: 4.89% past month
- AAPL: 4.67% past month

Plus dividends, if eligible. Obviously, past performance is no guarantee of future results.

And then you can always buy the top 500 companies over time with the S&P500 (SPY), which has done 3.91% past month and pays dividends I believe.

But I get wanting to keep things safe with a flat-rate savings account. The markets might take a big dive over the next couple years...

[Coola Yagami]

Originally Posted by IndigoErth

I remember when my grandparents gave my sister and I each $10k one Christmas. Put much of it in the savings and it actually had a nice little bit of interest. Now though it's pretty much useless. Wtf happened to that. 'Course that was back before Wells Fargo bought our previous bank...

I feel bad neglecting it, I've had that savings account since I was quite young, but there just isn't much motivation to bother transferring much over to it anymore.

I'm confused, like what happened to it? Like did the interest amounts stop or did you end up losing it all when Wells Fargo bought the bank??

[Roseangelo]

Originally Posted by CyberCubed

Karate classes are pretty expensive in California, aren't they?

LOL. What is even the angle here?

[IndigoErth]

I guess you're supposedly broke (or not) because you take karate in CA and that's your big mistake for not having $200k? lol

In order to be rich you have to subsist on Dollar Tree soda, crackers and cereal, and pirated entertainment.

Originally Posted by Coola Yagami

I'm confused, like what happened to it? Like did the interest amounts stop or did you end up losing it all when Wells Fargo bought the bank??

I didn't lose anything, but the previous bank had a nicer interest on savings accounts. It's been much too long so I don't recall what it was, but it at least racked up a modest but still noticeable amount. Now it's like nothing.

I thought the interest was supposed to be for using our money. Now, what... they just use it for almost free?

[Roseangelo]

Originally Posted by IndigoErth

I guess you're supposedly broke (or not) because you take karate in CA and that's your big mistake for not having $200k? lol

In order to be rich you have to subsist on Dollar Tree soda, crackers and cereal, and pirated entertainment.

And obviously there are never any benefits gained that make it worth spending money.

I didn't lose anything, but the previous bank had a nicer interest on savings accounts. It's been much too long so I don't recall what it was, but it at least racked up a modest but still noticeable amount. Now it's like nothing.

I thought the interest was supposed to be for using our money. Now, what... they just use it for almost free?

Similar to Cubed, you should at least drop that into a HYSA (I use Ally). But even better it could be put in an investment account (I use Fidelity).